Oil rebounds 1%

Oil prices rebounded by about 1% on Friday after a meeting between Saudi Arabia and Russia calmed markets amid strong China demand expectations, after a banking crisis sparked a sell-off in global financial and oil markets this week.

Brent crude futures rose by 81 cents to $75.51 a barrel by 0400 GMT, having snapped three days of losses to settle 1.4% higher on Thursday.

U.S. West Texas Intermediate crude climbed 78 cents to $69.13 a barrel, after closing 1.1% higher in the previous session.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

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